Silla Brush, Bloomberg

Top executives of the two largest U.S. derivatives exchanges say regulators must take further steps to align Dodd-Frank Act rules with those of foreign counterparts to avoid oversight splits that could harm markets.

The U.S. Commodity Futures Trading Commission reviewed operations at PFGBest at least twice since 2006 without detecting the fraud that led to the collapse of the futures broker and a $200 million shortfall in client funds.

Democratic senators and representatives have submitted briefs to a federal judge saying Congress intended speculation limits to go into place as written and that Wall Street's challenge to those limits should be dismissed.